| 来源类型 | Discussion paper
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| 规范类型 | 论文
|
| 来源ID | DP17036
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| DP17036 Lifestyle Behaviors and Wealth-Health Gaps in Germany |
| [unavailable]
|
| 发表日期 | 2022-02-15
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| 出版年 | 2022
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| 语种 | 英语
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| 摘要 | We document significant gaps in wealth across health status over the life cycle in Germany---a country with a universal healthcare system and negligible out-of-pocket medical expenses. To investigate the underlying sources of the empirical patterns in wealth-health gaps, we build a heterogeneous-agent life-cycle model in which health and wealth evolve endogenously. In the model, agents exert efforts to lead a healthy lifestyle, which helps maintain good health status in the future. Effort choices, or lifestyle behaviors, are subject to adjustment costs to capture various aspects of micro-level effort adjustment behaviors in the data. We find that our calibrated model generates around half of the wealth gaps by health observed in the German micro data, and that variations in health-related lifetime outcomes are largely explained by uncertainty realizations over the life cycle, rather than initial conditions at age 25. Our counterfactual experiments indicate that variations in individual health efforts account for over half of the model-generated wealth gaps by health status. Their importance is due not only to the fact that they affect labor income and savings rates, both of which influence wealth accumulation, but also because they act as an amplification device since richer households exert relatively more efforts to maintain a healthy lifestyle. |
| 主题 | Macroeconomics and Growth
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| 关键词 | Health inequality
Wealth inequality
Healthy lifestyle
Germany
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| URL | https://cepr.org/publications/dp17036
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545990
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推荐引用方式
GB/T 7714 |
[unavailable]. DP17036 Lifestyle Behaviors and Wealth-Health Gaps in Germany. 2022.
|
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